Mapletree Commercial Trust prices just above the mid-point

The Singapore Reit is able to raise $718 million after the institutional tranche is more than five times covered.
The PSA Building is one of three assets in Mapletree Commercial Trust's portfolio.
The PSA Building is one of three assets in Mapletree Commercial Trust's portfolio.

Mapletree Commercial Trust has priced its Singapore initial public offering just above the mid-point of the indicated range, at S$0.88 per unit, which allowed it to raise S$893.2 million $718 million. Many of the investors were price sensitive, but after the bookbuilding picked up momentum in the final two days, the bookrunners were able to push the price up a couple of notches.

The demand was Asia-heavy and, perhaps not too surprising for a yield play, private wealth money accounted for a large portion of it. However, according to sources, there was also good demand from long-only funds and hedge funds. Over all, the institutional portion of the deal...

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